Q1 2022 Aib Group PLC Trading Statement Call Transcript
Good morning, everybody. We -- Colin Hunt here. CEO of AIB. We are pleased to report another quarter of progress on the implementation of our strategy to 2023. The group is performing well against the backdrop of an improving domestic economy and a positive growth outlook, notwithstanding geopolitical tensions and building inflation pressures.
Our pipeline business remains strong, and we are pleased to lift our income guidance for the full year. Our balance sheet is now growing in scale and health, with performing loans up by EUR 400 million. While NPEs are down to 5.1% of gross loans, the lowest level in absolute and relative terms since the onset of the global financial crisis 14 years ago.
Our income line is moving in the right direction and cost discipline remains a feature with underlying costs down 2% Q1 '22 over Q1 '21. Meanwhile, our T plan to take out EUR 230 million costs by end '23 is on track. We remain confident about our ability to deliver an RoTE greater than 9% in 2023 in line with our strategic targets.
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